Sunday, April 11, 2010

7-STAGES IN THE NEW-PRODUCT DEVELOPMENT PROCESS:

7-Stages in New Product Development Process:

1)   Generate New Ideas:

Develop Systems that Promote “Expression of New Ideas within Organisation, or by       Customers or by Dealers.” e.g. Special Market Campaign (Pre-Launch & Launching as well as Post Launch) by any Software-Company, or a Detergent Powder, a Beauty Cream or a Weight Loss Product,

2)   Screen Ideas:

Evaluate New Ideas for further Study, based on Experience, Judgement & Market-Research Data.

3)   Business Analysis:

a)    Identify Features,
b)    Estimate the Demand, Competition, Profitability, etc;
c)    Establish the Project-Team as per Requirement,

4)   Prototype Development:

Internal Testing, & Trouble – Shooting, etc;

5)   Test Marketing:

External Testing to the Selected Customers’ Segments,

6)   Commercialisation:

Full Scale Production, as Required & Estimated,

7)   Diffusion Process:

The Process by which an INNOVATION gets Accepted & Spreads, throughout the Social -System over a passage of time is called ‘DIFFUSION’.

Understanding of ADOPTION as well as DIFFUSION-Processes help Companies to DETERMINE, if Product will be ACCEPTED or REJECTED!